Qualcomm officially rejects Broadcom’s $103bn deal

At the beginning of the month, reports claimed that Broadcom was planning to buy Qualcomm and it was later confirmed by Broadcom that it has approached the chip-maker for the takeover. Today, Qualcomm has officially announced that it has no interest in Broadcom’s $103 billion deal.

The largest manufacturer of Wi-Fi chips for mobile devices has been rejected by the popular chip-maker Qualcomm, the company confirmed in a statement. Qualcomm’s Board of Directors has officially rejected the offer, unanimously saying “no thanks” to Broadcom.

Today, Qualcomm has issued a press release to confirm that its board made a decision to reject the deal Broadcom has proposed. “It is the Board’s unanimous belief that Broadcom’s proposal significantly undervalues Qualcomm relative to the Company’s leadership position in mobile technology and our future growth prospects,” Executive Chairman and Chairman of the Board of Qualcomm Incorporated, Paul Jacobs said.

In the same press release, CEO revealed that Qualcomm is doing great and it is the leading semiconductor industry in the mobile business. Apparently, it means that Qualcomm’s neverending conflict with Apple would continue.

“We are confident in our ability to create significant additional value for our stockholders as we continue our growth in these attractive segments and lead the transition to 5G,” the company said.